Optimal TCSC allocation in a power system for risk minimization

Due to various economic reasons modern power systems are forced to operate closer and closer to their limits. The increased risk of operation, which is manifested in heavily loaded lines in normal or contingency cases, may lead to more frequent power outages and even severe blackouts. The installation of FACTS devices such as TCSCs is instrumental in alleviating the congestions and thus can be used to reduce the risk of power system operation. In this paper, an optimization problem is formulated to optimally allocate TCSCs in a power system for risk minimization. The objective is to determine the optimal locations and sizes of TCSCs which minimize the installation cost while maintaining the overall risk below a certain value for a given operating point. The formulated problem is solved using an Evolutionary Algorithm. The effectiveness of TCSCs in reducing the risk of system operation is shown for the IEEE 14-bus system.